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Investments and Advances
 12 Months Ended
Dec. 31, 2021
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investments and Advances
Investments and Advances
Equity in earnings, together with investments in and advances to companies accounted for using the equity method and other investments accounted for at or below cost, is shown in the following table. For certain equity affiliates, Chevron pays its share of some income taxes directly. For such affiliates, the equity in earnings does not include these taxes, which are reported on the Consolidated Statement of Income as “Income tax expense.”
Investments and AdvancesEquity in Earnings
At December 31Year ended December 31
20212020202120202019
Upstream
Tengizchevroil$23,727 $22,685 $2,831 $1,238 $3,067 
Petropiar— — — (1,396)80 
Petroboscan— — — (1,112)(11)
Caspian Pipeline Consortium805 835 155 159 155 
Angola LNG Limited2,180 2,258 336 (166)(26)
Other*1,859 1,875 187 137 (478)
Total Upstream28,571 27,653 3,509 (1,140)2,787 
Downstream
Chevron Phillips Chemical Company LLC6,455 6,181 1,842 630 880 
GS Caltex Corporation3,616 3,547 85 (185)13 
Other1,725 1,389 220 223 288 
Total Downstream11,796 11,117 2,147 668 1,181 
All Other
Other(10)(14)1 — — 
Total equity method$40,357 $38,756 $5,657 $(472)$3,968 
Other non-equity method investments339 296 
Total investments and advances$40,696 $39,052 
Total United States$8,540 $7,978 $1,889 $709 $641 
Total International$32,156 $31,074 $3,768 $(1,181)$3,327 
* Upstream Other line includes amounts previously reported as Noble Midstream equity affiliates.
Descriptions of major affiliates and non-equity investments, including significant differences between the company’s carrying value of its investments and its underlying equity in the net assets of the affiliates, are as follows:
Tengizchevroil Chevron has a 50 percent equity ownership interest in Tengizchevroil (TCO), which operates the Tengiz and Korolev crude oil fields in Kazakhstan. At December 31, 2021, the company’s carrying value of its investment in TCO was about $100 higher than the amount of underlying equity in TCO’s net assets. This difference results from Chevron acquiring a portion of its interest in TCO at a value greater than the underlying book value for that portion of TCO’s net assets. Included in the investment is a loan to TCO to fund the development of the FGP/WPMP with a balance of $4,500.
Petropiar Chevron has a 30 percent interest in Petropiar, a joint stock company which operates the heavy oil Huyapari Field and upgrading project in Venezuela’s Orinoco Belt. In 2020, the company fully impaired its investments in the Petropiar affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment.
Petroboscan Chevron has a 39.2 percent interest in Petroboscan, a joint stock company which operates the Boscan Field in Venezuela. In 2020, the company fully impaired its investments in the Petroboscan affiliate and, effective July 1, 2020, began accounting for this venture as a non-equity method investment. The company also has an outstanding long-term loan to Petroboscan of $560, which has been fully provisioned for at year-end 2021.
Caspian Pipeline Consortium Chevron has a 15 percent interest in the Caspian Pipeline Consortium, which provides the critical export route for crude oil from both TCO and Karachaganak.
Angola LNG Limited Chevron has a 36.4 percent interest in Angola LNG Limited, which processes and liquefies natural gas produced in Angola for delivery to international markets.
Chevron Phillips Chemical Company LLC Chevron owns 50 percent of Chevron Phillips Chemical Company LLC. The other half is owned by Phillips 66.
GS Caltex Corporation Chevron owns 50 percent of GS Caltex Corporation, a joint venture with GS Energy in South Korea. The joint venture imports, refines and markets petroleum products, petrochemicals and lubricants.
Other Information “Sales and other operating revenues” on the Consolidated Statement of Income includes $10,796, $6,038 and $8,006 with affiliated companies for 2021, 2020 and 2019, respectively. “Purchased crude oil and products” includes $5,778, $3,003 and $5,694 with affiliated companies for 2021, 2020 and 2019, respectively.
“Accounts and notes receivable” on the Consolidated Balance Sheet includes $1,454 and $807 due from affiliated companies at December 31, 2021 and 2020, respectively. “Accounts payable” includes $552 and $244 due to affiliated companies at December 31, 2021 and 2020, respectively.
The following table provides summarized financial information on a 100 percent basis for all equity affiliates as well as Chevron’s total share, which includes Chevron’s net loans to affiliates of $4,704, $5,153 and $4,331 at December 31, 2021, 2020 and 2019, respectively.
AffiliatesChevron Share
Year ended December 31202120202019202120202019
Total revenues$71,241 $49,093 $66,473 $34,359 $21,641 $32,628 
Income before income tax expense15,175 5,682 13,197 6,984 2,550 5,954 
Net income attributable to affiliates12,598 4,704 9,809 5,670 2,034 4,366 
At December 31
Current assets$21,871 $17,087 $30,791 $9,267 $7,328 $12,998 
Noncurrent assets100,235 97,468 97,177 44,360 43,247 41,531 
Current liabilities17,275 12,164 26,032 7,492 5,052 10,610 
Noncurrent liabilities24,219 25,586 21,593 5,982 5,884 5,068 
Total affiliates’ net equity$80,612 $76,805 $80,343 $40,153 $39,639 $38,851